Awning Market is expected to grow at 6.62 percent, reaching 13.78 Bn by 2029, Technological advancements, Regional Analysis, Competitive Landscape
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Updated 7 min read
MAXIMIZE MARKET RESEARCH PRIVATE LIMITED
Awning Market was valued at US8.25 billion in 2021, and it is expected to reach USD 13.78 Billion by 2029, exhibiting a CAGR of 6.62% during the forecast period (2022-2029)
Pune, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research a leading Consumer Goods & Services market research firm has published a report on “Awning Market”. The report includes major drivers of the market, demand analysis, pricing analysis, regional analysis, and competitive benchmarking. The Awning Market size was valued at USD 8.25 Billion in 2021 and is expected to grow by 6.62 percent from 2022 to 2029, reaching nearly USD 13.78 Billion.
Awning Market Scope and Research Methodology
The report on Awning Market offers a thorough analysis of the industry that is equipped with a major key finding that includes major market drivers, opportunities, challenges, regional outlook, and growth rate. The report acts as a guide for investors in the industry. The report provides the size of the Awning Market and Compound Annual Growth Rate for the forecast period (2022 to 2029).
For the competitive analysis, the report includes the profile of the key market players in the Awning market including company overview, financial performance, product portfolio, and strategies. The main objective is to provide the market definition, trends, and issues in the market. The bottom-up approach is used for the estimation of the awning market size. Regional analysis of the Awning Market is conducted at the local, regional and global levels. The awning Market was divided into three segments, which include product, type, and industry. Major companies along with new entrants in the Awning market were listed based on technologicaldevelopment and adoption of the same services offered, patents and discoveries, mergers and acquisitions, and joint alliances.
SWOT and PESTLE analysis were used for the research that combines quantitative and qualitative methods of research. Such research methods help understand the factors influencing the growth of the Awning Market. The primary research method was used to validate the findings from the secondary research method.
An architectural fabric material used for weatherprotection and for the purpose of decoration is known as an Awning. It consists of a lightweight frame structure, which is manufactured using aluminum, wood, and iron. Awnings are extensively used in residential, commercial, and industrial places such as hotels, malls, theatres, and restaurants. Expansion of houses, malls, and shops are factors driving the Awning market growth.
Awning Market Dynamics
Increasing consumer preference towards luxurious lifestyles and expanded living spaces are influencing the Awning Market growth. Product innovations, such as smart sensors, which are automatically retracting the awnings in strong winds and excessive rains, drive the Awning market growth. Aluminium awnings are highly cost-effective, flexible, energy-efficient, and require low maintenance. Infrastructural development activities and emerging economies are some factors responsible for the growth of the Awning market.
Harsh weather conditions are expected to restrain the Awning market growth, mainly in regions with heavy rainfall and snowfall. High cost of raw materials and fluctuations in prices are factors restraining the market growth.
Asia Pacific region held the largest Awning market share in 2021 and is expected to grow significantly during the forecast period. Demand for awnings in residential areas, construction sites, and textile sectors are prominent factors influencing regional market growth. Development projects across China, India, Singapore, and Vietnam are expected to present lucrative opportunities for the Awning market over the forecast period. Restaurant owners in India are preferring awnings to project their operation space, which boosts the regional Awning market growth.
Market Size in 2021
USD 8.25 Bn.
Market Size in 2029
USD 13.78 Bn.
CAGR
6.62 % (2022-2029)
Forecast Period
2022-2029
Base Year
2021
Number of Pages
201
No. of Tables
103
No. of Charts and Figures
105
Segment Covered
Product, Type, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East and Africa, South America
Market Segmentation – A detailed analysis by Product, Type, and Industry
Competitive Landscape – Top Key Manufacturers and Other Prominent Manufacturers
Maximize Market Research is leading Consumer Goods and Services research firm, has also published the following reports:
Eco-friendly Green Roofs Market: The total market size is expected to reach USD 18534 Mn by 2029, growing at a CAGR of 9.35 percent during the forecast period. Eco-friendly green roofs help to improve the air quality by reducing sulfur dioxide, nitrous acid, and carbon dioxide, which drives the Awning market growth.
Solar Chimney Market: The total market size is expected to grow at a CAGR of 1.7 percent throughout the forecast period, reaching nearly USD 128.65 Mn by 2027. Increasing exhaustion of fossil fuels and non-renewable sources and advantages of solar chimneys, like strong construction, economic, and less maintenance are likely to drive the market growth.
Liquid Roofing Market: The total market size was valued at USD 6.57 Bn in 2021 and is expected to reach a value of USD 11.65 Bn in 2027 and is estimated to grow at a CAGR of 7.75 percent over the forecast period. Utilization of reflective coatings for obscure material alternatives for accomplishing a better impression of warmth drives the market growth.
Residential Roofing Market: The total market size was valued at USD 9.90 Bn in 2021 and the total revenue is expected to grow at a CAGR of 4.7 percent from 2022 to 2029, reaching nearly USD 14.29 Bn. Rising demand for residential roofing due to its high re-resistant roofing advantages from end-use applications drives the market growth.
Commercial Roofing Market: The total market size was valued at nearly USD 10.56 Bn in 2021 and is estimated to grow at a CAGR of 6.2 percent & is expected to reach USD 17.08 Bn by 2029. The growing construction industry is expected to drive market growth.
About Maximize Market Research:
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